The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

UK Telegraph: Barack Obama and Tim Geithner rob Main Street of $3 trillion (and give it to Wall Street)

Posted by iusbvision on February 12, 2009

Sometimes the foreign press just nails it when they look at American domestic policy.

Literally trillions of dollars given to Wall Street, the expansion of government and special interest groups and how much do you think that you will see? Hey they are considering putting up a tiny 50 billion in comparison to help people with their mortgages. They could have paid off 90% of every mortgage in the United States with the money they have/are spending. We are not just talking about the trillion Congress has put up, but the trillions from the Federal Reserve and the Treasury have put up as well.

Remember when they said that if we didn’t do that first trillion in bailouts that we would continue to fall. Well they got the trillion and did they help the mortgage crisis? Nope. They used the money to buy each other up and hand out billions to each other and the economy has continued to fall. So what is the answer, lets do it again….. (Quinn’s Law # 10: Leftists never think what they are doing is wrong, they only think they haven’t done enough of it yet or it is underfunded).

 

Barack Obama and Tim Geithner rob Main Street of $3 trillion

Barack Obama’s stimulus plan is pure madness

by Gerald Warner  UK Telegraph

The sparkle has gone from his eyes already,” an American acquaintance said to me yesterday, referring to Barack Obama. “He doesn’t know what to do.” Obama’s performance at his press conference confirmed that impression, with the rhetoric of the campaign trail, fluent and banal as piped musak, replaced with long hesitations not just between sentences, but between clauses. This was an auto-cue junkie suffering cold turkey.

When a political lightweight is out of his depth, he seeks to compensate by counterfeiting the certainty he is far from feeling. Obama’s rantings in defence of his stimulus plan have assumed an apocalyptic intensity. Unless Congress agrees to flush almost $1 trillion of Joe Citizen’s hard-earned bucks down the sanitation, “Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse.”

So, America had better listen to the man who “screwed up” over Tom Daschle because he alone has the wisdom to extricate the US of A from financial disaster. The instrument of salvation is the biggest barrel of pork that the undeserving needy have ever seen in American history, from sea to shining sea. The financial crisis may seem complex, but the solution – the real solution – depends on one simple premise: tax cuts revive economies, handouts do not.

Trillion-dollar giveaways are like buses: there will be another one along in a moment. Driving the next vehicle is Treasury Secretary Tim Geithner, who thinks it would be a nice gesture to hand another $2 trillion to Gordon Gekko and his pals on Wall Street. Apparently the last handout made no appreciable difference, so better throw some more moolah into the piranha pool – some of those poor SOBs are down to their last executive jet.

Where will the money come from? No problem – we just divert it from Main Street to Wall Street, an increasingly familiar route to those in the White House and on Capitol Hill who specialise in redistributing wealth from the poor to the rich. This seems to be in addition to Geithner’s $0.5 trillion scheme to stimulate spending in real estate, drawing cash largely from the US Federal Reserve and the Federal Deposit Insurance Corporation.

So, overall, Barack and Tim are currently disposing of more than $3 trillion of taxpayers’ money. The only remotely comparable stimulus scheme proposed for America was a fictitious one: when the James Bond villain Auric Goldfinger planned to detonate a nuclear device in Fort Knox and irradiate the nation’s gold reserves. Incinerating $3 trillion in dollar bills could not be more wasteful than the Obama stimulus plan.

It is madness. These lunatics are mugging Main Street of $3 trillion and squandering it on a liberal fantasy. It could be a generation before America recovers – not simply from the loss of these funds, but from the economic mismanagement of which it is a symptom. The fall-out will be very serious for the rest of the world. Hope? Change we need? Vote in haste, repent at leisure.

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2 Responses to “UK Telegraph: Barack Obama and Tim Geithner rob Main Street of $3 trillion (and give it to Wall Street)”

  1. Angelo said

    sadism turns to masochism (with a pause at sadomasochism);
    people want someone to blame, then they blame themselves, then others blame them. it’s the circle of lies. truth is not polar, is it?

  2. Mark T. Market said

    I think Gekko might have been too simplistic about greed, but he did draw the line at profit–which is more than I can say for the bankers, traders, and Wall Street hotshots who contributed to the financial crisis.

    Gekko would have sneered at people like Madoff who got rich at the expense of even their own shareholders.

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